Matrixport, a leading crypto trading firm, has released a report that forecasts a bright future for bitcoin. The report claims that the current bull market, which began in June 2023, is driven by institutional demand for the digital asset. Matrixport also predicts that $BTC could hit $125,000 by the end of 2024, based on historical trends and the upcoming halving event.
The report identifies five major bull markets for bitcoin since its inception in 2009. The first one was triggered by bitcoin’s adoption as a new payment method. The second one was fueled by Chinese investors who saw bitcoin as an alternative to their local currency. The third one was sparked by the rise of initial coin offerings (ICOs) that used bitcoin as a fundraising tool. The fourth one was influenced by the popularity of non-fungible tokens (NFTs) that created new use cases for bitcoin.
The fifth and current bull market, according to Matrixport, started on June 22, 2023, when bitcoin reached a new one-year high. The report attributes this bull market to the growing institutional interest in bitcoin, which is partly due to the unsustainable U.S. debt-to-GDP ratio. Matrixport expects that more institutional investors will enter the crypto space and push the price of bitcoin to new heights.
The report also analyzes the best time to buy bitcoin and the potential peak price in each bull market. It suggests that the ideal entry point was 14 – 16 months before the halving, which is expected to happen in spring 2024. Matrixport estimates that October 2022 was the perfect time to buy bitcoin, when it was trading at around $17,000.
The report projects that bitcoin will reach $45,000 by December 2023 or January 2024, then experience a correction in February 2024, and then surge again to around $63,130 in Q2 2024. The report further predicts that bitcoin will peak at $125,000 by December 2024, which would be a remarkable achievement for the crypto industry.